The Nordic Investment Bank (NIB) has signed an agreement with Latvian capital Riga’s heating supplier, Rigas Siltums, on a ten-year loan of EUR 20mn, LSM reports. Rigas Siltums will use the funds to finance its 2022-2023 investment programme to improve the district heating infrastructure in Riga. The company will invest a total of EUR 29mn…
Inflation continues to fall in Estonia, Rasmus Kattai, economist at the Bank of Estonia, said, BNS reports. Kattai said that the drop was mostly due to the fact that prices for energy and most agricultural commodities were coming down. However, he noted that it took time for the effect of the lower prices to pass…
Relations between Finland and Estonia are stronger than ever, Finnish Prime Minister Petteri Orpo stated, ERR reports. Speaking at a joint press conference with Estonian Prime Minister Kaja Kallas in Tallinn on 5 July 2023, Orpo noted that the two countries had strong cultural ties, and that their values and understanding of reality were very…
The Baltic States should disconnect from the Russian-controlled BRELL power grid and synchronise with the European system as planned by the end of 2025, Kalle Kilk, CEO of Estonia’s electricity transmission system operator, Elering, stated, Postimees reports. Kilk noted that Russia provided the Baltic States with grid balancing services. Disconnecting from the Russian grid now…
Estonia’s industrial production output declined by 12.7% at constant prices in May 2023, compared to the same period of 2022, according to data from Statistics Estonia, ERR reports. Output fell by 31.5% in electricity production and 13.1% in manufacturing. Meanwhile, output rose by 36.3% in mining and quarrying. Helle Bunder, leading analyst at Statistics Estonia,…
Lithuania’s state-owned railway company, Lietuvos Gelezinkeliai (LTG), generated revenue of EUR 434.1mn in 2022, which was down 6.7% from EUR 465.1mn in 2021, LRT reports. The company’s annual net profit amounted to EUR 1.2mn, which was down almost 20 times from EUR 23.5mn a year earlier. LTG’s freight volume totalled 31mn tonnes in 2022, which…
Estonian energy group Alexela reported revenue of more than EUR 620mn in 2022, which was up almost 70% from around EUR 368mn in 2021, ERR reports. The group’s annual profit amounted to EUR 14.6mn, which was up 75% from EUR 8.3mn a year earlier. Alexela attributed the rise in profit to an increase in the…
Estonian pellet producer Graanul Invest reported sales of EUR 590mn in 2022, which was up 30% from 2021, ERR reports. The group’s annual net profit rose by 28% to EUR 111mn. The group produced 2.3 million tonnes of pellets in 2022, which was down from 2.5 million tonnes a year earlier. Due to raw material…
The Estonian company, Biometaan, has signed an agreement with Finland’s Convion to start selling mobile power plants running on fuel cells in the Baltic States, ERR reports. The solid oxide fuel cell power plant will generate energy from biomethane produced from cow slurry at the Mangeni PM dairy farm in the village of Koksvere in…
